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With the collapse of the Soviet Union, the subsequent privatization of state industries and the Soviet banking system led to the creation of numerous financial-industrial groups (FIGs). Initially limited in the scope of their operations, FIGs have expanded their holdings and political influence dramatically over the past five years. A small number of FIGs have created vast empires centered around investment banks and various industries, and control a significant portion of the Russian economy. Led by the so-called "oligarchs," these organizations have exercised considerable political influence, especially following the re-election of Boris Yeltsin in 1996.